Kenmare Resources PLC secured a US$110 million term loan facility and a US$40 million revolving credit facility.
Part of the facilities will be used to repay US$64 million in senior and subordinated project loans obtained to support the development of the Moma titanium mine in Mozambique and for working capital purposes.
The facilities will also provide for a future mine closure guarantee facility of up to US$40 million, according to a Dec. 11 news release.
The US$110 million term loan is available for two years, has margin of 5.40% plus the London interbank offered rate per annum and final maturity after 63 months.
The revolving credit facility is available for 35 months, with a margin of 5.00% plus Libor per annum and final maturity after 36 months.
Absa Bank Ltd., The Emerging Africa Infrastructure Fund, Nedbank Ltd., Rand Merchant Bank and Standard Bank Group agreed to provide the funds, with Rothschild & Co. acting as Kenmare's financial adviser.
The project loan facilities have an interest rate of 4.75% plus Libor until Feb. 1, 2020, and 5.5% plus Libor thereafter until final maturity of Feb. 1, 2022.
Kenmare said in June that it needed US$106 million to relocate a wet concentrator plant from the Namalope ore zone to the higher-grade Pilivili zone at the Moma mine.